A prominent ±3.62 acre infill, redevelopment site located in the prestigious Camelback Corridor area of Phoenix has sold for $17.475 million, or $111 per sq. ft. of land.
The property, located at 2801 and 2845 E. Camelback Road, was acquired by a joint venture of Las Vegas-based developer LaPour Partners, Inc. and Holualoa Companies, headquartered in Tucson. Jim Fijan and Will Mast with CBRE’s Phoenix office represented the seller, Phoenix-based Daily Double, LLC, in the sale.
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Park Central Mall Purchase Closes, Renovation Plans Unveiled
Plaza Companies, Holualoa Companies Complete Purchase of 337,000 Square Feet;
Purchase and Improvements Valued at $57 Million
PHOENIX, Arizona (date, 2017) — Plaza Companies and Holualoa Companies have completed the purchase of a significant portion of the iconic Park Central Mall in Phoenix, and have unveiled plans for renovation of the property.
The overall price of the purchase and expected renovations is approximately $57 million, and construction work will begin on the transformation effort in the coming weeks. The new ownership group is working with architect richärd+bauer and DPR Construction to reinvent Park Central by converting it into a modern, mixed-use, competitive economic engine for the Valley of the Sun.
Already, the team has developed a new brand identity for Park Central that will be implemented throughout the site as part of the redevelopment — the new look, along with extensive renderings and the new project site plan, can be viewed on the project’s new web site, www.parkcentralphoenix.com.
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